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Duke-Weeks Mulling Big Office Joint Venture

INDIANAPOLIS-Following the success of its recent $789-million industrial property joint venture, the giant office and industrial REIT is scouting partners for a similar office property joint venture.

By Ted Jackson | Updated on October 31, 2000

INDIANAPOLIS-On the heels of its big industrial property joint venture with General Motors and J.P. Morgan, Duke-Weeks Realty REIT is scouting partners for a similar joint venture in its office portfolio, according to the trust’s new acquisitions and dispositions chief.

“We are investigating joint venture possibilities in our office portfolio,” says Howard Feinsand, who was named acquisitions and dispositions chief last week. “The deal will likely be somewhat smaller than the recent industrial deal, probably in the several hundreds of millions of dollars.” Feinsand says that general discussions have occurred regarding location, investment return parameters and building types with key players with whom Duke-Weeks has had an ongoing relationship.

Early last month, Feinsand’s predecessor Dave Stockert announced a $541-million add-on to a five-year-old $248-million industrial property joint venture between Duke-Weeks, General Motors and J.P Morgan. Feinsand says that the joint venture is an ideal vehicle for recycling capital in large blocks. It allows the trust to realize value in its property investments while at the same time preserving the key property management and tenant relationships that are the life blood of the real estate operators’ business, he says.

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